New Books in Economics

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today’s fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Paul R. Beckett, a lawyer and academic specializing in company and trust law, dissects the world of tax havens, revealing their evolution into tools of the wealthy and their impact on accountability. He explores how these havens undermine local economies and pose ethical dilemmas, especially concerning money laundering. Beckett also examines the dark allure of these jurisdictions for elite individuals and discusses the role of emerging technologies like blockchain in reshaping global wealth management. The conversation highlights the stark human costs of such financial practices.

Mark Blyth, a political economist and professor at Brown University, teams up with Nicolò Fraccaroli to discuss the resurgence of inflation and its complex effects on various socio-economic groups. They challenge outdated narratives and examine modern influences like tariffs and geopolitical tensions. Exploring the hidden impacts of inflation, they shed light on inequalities and propose fresh approaches for policymakers. Their engaging commentary offers a thought-provoking look at the interplay between inflation, economic policy, and societal shifts.

Ian Kumekawa, a historian of economic thinking and a lecturer at MIT, shares insights from his new work that delves into the multifaceted story of a barge that has served various roles—from a military barracks to a floating jail. He discusses how this vessel symbolizes the complexities of offshore economies and globalization. The conversation explores the impact of deregulation in shipping, the barge’s role in providing temporary housing for factory workers, and the broader implications of financialization and mass incarceration in our global landscape.

Maraam A. Dwidar, an Assistant Professor of Government at Georgetown University, dives into the dynamics of organizational coalitions in social justice advocacy. She explains how diverse partnerships help historically vulnerable communities overcome resource challenges in lobbying. Dwidar shares insights from her extensive research involving over 20,000 advocacy organizations, revealing strategies that lead to effective political power. The discussion covers coalition-building tactics, the role of public commentary in policy-making, and the unique impact practitioners can have in shaping equitable policies.

Shaina Potts, an expert in economic and legal geography and Associate Professor at UCLA, dives deep into how U.S. courts serve as tools of global economic governance. She explores the concept of 'judicial territory,' detailing how American legal authority shapes international relations and disciplines postcolonial states. The discussion includes significant cases like the one involving Ghana and Argentina, revealing the complexities of judicial power and sovereign immunity. Potts also examines potential legal geographies emerging from rivals like China and Russia.

Emmanuel Akyeampong, a prominent historian at Harvard, delves into the journeys of Africa's first leaders and their nation-building efforts. He discusses the ideological tensions between socialism and capitalism in newly independent nations. Akyeampong highlights the significant role of cocoa in Ghana and Ivory Coast's economic strategies, revealing the complexities of modernization and colonial legacies. He emphasizes the importance of unique narratives in historical writing, encouraging African historians to draw from their personal experiences.

Join economists John H. Cochrane, Luis Garicano, and Klaus Masuch as they dive into the tumultuous journey of the euro since its inception 26 years ago. They discuss the critical need for reforms to ensure its survival amidst crises like the pandemic and inflation surges. Insights are shared on the Eurozone's debt complexities, the role of the ECB's policies, and the necessity of safe assets to stabilize banking systems. Their academic expertise combines with a philosophical exploration of incentives, advocating for foundational economic principles to tackle current challenges.

Mary A. Armstrong, a professor of Women's Gender and Sexuality Studies, and Susan L. Averett, a professor of Economics, dive deep into the economic realities faced by diverse women in STEM fields. They challenge the myth that STEM work inherently benefits these women, presenting in-depth case studies that reveal stark disparities. The discussion highlights the unique struggles of women of color, the impact of motherhood, and the need for intersectional analysis to address systemic inequities. Armstrong and Averett advocate for substantial changes beyond mere access to foster true equality in STEM.

Quinn Slobodian, a Wellesley College history professor and author of 'Crack-Up Capitalism,' teams up with Philip J. Stern, an associate professor at Duke University known for 'Empire, Incorporated.' They delve into the roles of corporations in shaping governance and democracy, highlighting the East India Company's nuanced history. The conversation unpacks 'archipelago capitalism' and critiques oversimplified narratives of colonialism, examining how imaginative economic theories influence real-world practices and state power dynamics.